香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 JF SmartInvest Holdings Ltd 九方智投控股有限公司 （於開曼群島註冊成立的有限公司） 補充協議的主要條款 標的事項 : 信息系統採購協議之標的事項將作如下修訂：本集團將 向銀科集團採購及購置15套信息系統及軟件。 1 （股份代號：9636） 補充公告 關連交易 修訂信息系統採購協議 茲提述九方智投控股有限公司（「本公司」）日期為2024年12月31日的公告（「該公 告」），內容有關信息系統採購協議，據此，本集團將向銀科集團採購及購買信息 系統及軟件，以用於本集團的業務及營運。除文義另有所指外，本公告所用詞彙 與該公告所界定者具有相同涵義。 於2025年2月14日，本公司全資附屬公司極芾信息與銀科創展同意就向銀科集團 採購信息系統及軟件的標的、代價及付款條款而修訂信息系統採購協議，並簽訂 信息系統採購協議的補充協議（「補充協議」）以補充信息系統採購協議項下之交付 安排。補充協議是 ...

關連交易 就股權收購事項訂立補充協議 補充協議 茲提述本公司日期為2024年3月8日及2024年4月26日的公告（「該等公告」），內 容有關根據股權轉讓協議收購廣發保險的全部股權。除文義另有所指外，本補 充公告所用詞彙與該等公告所界定者具有相同涵義。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 JF SmartInvest Holdings Ltd 九方智投控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9636） 於2025年1月17日，本公司間接全資附屬公司極芾信息與上海鋇勳、啟見科技 及廣發保險訂立補充協議，以調整廣發保險之控股架構。因此，上海鋇勳（代 替極芾信息）同意根據補充協議收購廣發保險的75.1%股權。除本公告所述的條 款修訂外，股權轉讓協議的其他條款維持不變及有效。 根據補充協議及於收購事項完成後，由於廣發保險之控股架構有變，故(i)廣發 保險將由上海鋇勳及極芾信息分別持有75.1%及24.9%；及(ii)廣發保險將合 ...

JF SmartInvest Holdings Ltd 最新業務發展之自願性公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 九方智投控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9636） 承董事會命 九方智投控股有限公司 董事會主席 陳文彬 中國香港，2025年1月9日 本公告乃由九方智投控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」） 自願作出。本公告旨在知會本公司股東（「股東」）及潛在投資者有關本集團之最新 業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司推出以下數智新品： 董事會認為，數智新品的推出，彰顯公司堅定踐行「科技+投研」雙輪驅動的發展 戰略，加速「數智化」轉型，深入探索AI賦能業務全場景，圍繞用戶需求打造針對 產品，增強公司競爭力，成為客戶投資理財的終身伴侶。展望未來，該等數智產 品將為股東帶來更佳回報，實現公司進一步發展與可持續增長。 1 1. 易知股道－九方智投股票學習機領航版，以 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 JF SmartInvest Holdings Ltd 九方智投控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9636） 緒言 董事會宣佈，於2024年12月31日，本公司全資附屬公司極芾信息與銀科創展 訂立信息系統採購協議，據此，本集團將向銀科集團採購及購買信息系統及軟 件，以用於本集團的業務及營運。 上市規則之涵義 關連交易 訂立信息系統採購協議 1 信息系統採購協議的主要條款 日期 ： 2024年12月31日 上述協議上限乃經雙方公平磋商後釐定，並經參考本 集團對業務相關及營運信息系統及軟件的需求及預 算，以及採購該等系統及軟件的預估成本，該成本參 考下文所載各訂約方共同協定的定價政策。 2 訂約方 ： (1) 極芾信息（為及代表本集團）；及 (2) 銀科創展（為及代表銀科集團） 期限 ： 2025年1月1日至2025年11月28日（包括首尾兩日） 標的事項 ： 本集團將向銀科集團採 ...

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - The company, Jiufang Zhitu Holdings, is a leading service provider in stock investment during the live broadcast era, focusing on intelligent investment advisory and fintech solutions [2]. - The company leverages advanced technologies such as big data, artificial intelligence (AI), and machine learning to create efficient and precise investment decision support systems [2]. - Jiufang Zhitu primarily serves affluent individual investors, providing personalized and professional services that benefit from the current retail investor-driven market [2]. Summary by Relevant Sections Business Model - Jiufang Zhitu Holdings has a mature business model that includes: 1. Intelligent investment advisory services that help individual investors create personalized investment plans, optimize asset allocation, reduce risks, and achieve better returns [4]. 2. Wealth management services for high-net-worth clients and institutions, covering asset allocation, investment portfolio management, and risk control, enhanced by AI technology [4]. 3. Financial data analysis and research, providing accurate market forecasts and investment analysis reports to assist clients in making informed investment decisions [4]. 4. Integration of AI with quantitative trading strategies, offering various automated trading tools and systems for efficient trade execution [4]. Market Conditions - Since late September, the Chinese capital market has shown signs of recovery, leading to a significant increase in trading volume and investor interest in stocks [8]. - The company has capitalized on this business development window, resulting in rapid growth in order numbers [8]. - The company’s performance is expected to improve significantly due to its rigid cost structure primarily consisting of R&D and marketing expenses, which allows it to maintain customer retention even during market fluctuations [8]. Financial Projections - The company’s operating revenue is projected to grow from 1,850.1 million HKD in the fiscal year ending December 31, 2022, to 2,670.5 million HKD by 2026, reflecting a compound annual growth rate (CAGR) of approximately 9.76% [9]. - Net profit is expected to recover from a significant decline in 2023 to 378 million HKD by 2026, indicating a strong rebound [9]. - Earnings per share (EPS) is forecasted to increase from 0.45 HKD in 2023 to 0.88 HKD in 2026, demonstrating a positive growth trajectory [9].

Financial Performance - The company reported a gross billing of approximately RMB 930.5 million, representing a decrease of approximately 26.17% compared to RMB 1,260.4 million in the corresponding period[6]. - Revenue increased by 4.4% from approximately RMB 860.7 million for the half year ended June 30, 2023, to approximately RMB 898.1 million for the half year ended June 30, 2024[38]. - Gross profit for the half year ended June 30, 2024, was RMB 717.9 million, compared to RMB 714.8 million for the same period in 2023[37]. - Loss from operations increased to RMB 215.5 million for the half year ended June 30, 2024, compared to a loss of RMB 56.5 million for the same period in 2023[37]. - The company reported a loss of approximately RMB 174 million for the six months ended June 30, 2024, a significant increase of approximately 361% compared to a loss of approximately RMB 38 million in the previous period[55]. - Basic and diluted loss per share was RMB 0.40, compared to RMB 0.09 in the same period of 2023[129]. - Total comprehensive income for the period was a loss of RMB 169,897,000, compared to a loss of RMB 5,289,000 in the previous year[131]. User Growth and Engagement - The cumulative number of users of small-amount products reached approximately 347,000, with around 300,000 new App registered users added during the reporting period[10]. - The "Jiu Ge" intelligent investment digital advisor served approximately 257,000 customers, with a total of 15.83 million service times during the reporting period[13]. - The live broadcasts during the reporting period totaled 23,466 hours across 12,487 sessions, gaining approximately 14.6 million followers[19]. - The total number of MCN accounts increased to 488, reaching approximately 45.6 million followers across various internet platforms[19]. Product Development and Innovation - The company is focusing on transforming its app from a tool to a platform, integrating investment advisory services and professional content to cover all market trends, information, short videos, and livestreams[7]. - The company launched its first stock learning hardware product, the EnjoyStock – JF SmartInvest stock learning machine, aimed at providing a dedicated learning platform for investors[9]. - The company launched over 20 lightweight products to help customers identify risks and improve decision-making efficiency[10]. - The company is actively expanding its new business line of learning machines, enhancing its product matrix to meet diverse customer needs[9]. Research and Development - Research and development investment amounted to approximately RMB154 million, representing a 6.2% increase over the corresponding period, and accounted for approximately 17.2% of the company's total revenue[14]. - The research and development department had 654 professionals, accounting for 22.7% of the total number of employees, reflecting a 13% increase over the corresponding period[14]. - The company has completed the filing of the deep synthesis service algorithm of the Jiuzhang Securities Sector Large-scale Model, indicating recognition in AI controllability and security[15]. - The company is committed to accelerating digital intelligence transformation and enhancing its intelligent investment advisory system through increased R&D investment and AI technology applications[34]. Financial Position and Capital Management - As of June 30, 2024, the company's cash and liquid financial resources decreased from approximately RMB2,068.4 million to approximately RMB1,618.0 million, primarily due to cash expenditures from share repurchases and operating losses[53][57]. - The gearing ratio as of June 30, 2024, was 45.7%, up from 38.4% as of December 31, 2023, calculated by dividing total liabilities by total assets[58]. - The company held two financial products valued at 5% or more of total assets, accounting for 5.81% and 12.58% of total assets, respectively, as of June 30, 2024[58]. - The company has repurchased a total of 17,730,000 shares, utilizing approximately HK$198 million, with all repurchased shares cancelled by June 21, 2024[9]. Corporate Governance and Compliance - The company has maintained compliance with the Corporate Governance Code, except for the deviation regarding the roles of chairman and CEO being held by the same individual since December 20, 2023[101]. - The company has a high standard of corporate governance practices, ensuring long-term objectives are prioritized over short-term gains[100]. - The Audit Committee, consisting of independent non-executive directors, has reviewed the unaudited interim financial information for the six months ended June 30, 2024[103]. - The company confirmed compliance with the non-competition undertaking by its controlling shareholder, Yintech Holdings, during the relevant period[114]. Strategic Focus and Future Plans - The company aims to become a lifelong partner in investment and wealth management for its customers, enhancing their investment decision-making capabilities[5]. - The company aims to strengthen its competitiveness and consolidate its leading market position by integrating product lines and enhancing user experience[33]. - The State Council's "National Nine Opinions" aims to stabilize the market and promote high-quality development in the capital market, which is expected to create new opportunities for the company[29]. - The company plans to utilize the unutilized net proceeds according to the disclosed plans in the prospectus[111].

Investment Rating - The report assigns a rating of "Hold" for the company, indicating that the stock price is expected to fluctuate within ±5% of the benchmark index [9]. Core Views - The company, Jiufang Zhitu Holdings, reported a revenue of 8.98 billion RMB for the first half of 2024, reflecting a year-on-year increase of 4.11%, but a net profit of -1.74 billion RMB [1]. - The total order amount for the first half of 2024 was approximately 9.31 billion RMB, a decrease of about 26.2% compared to the same period last year [1]. - The company has increased its R&D investment to approximately 1.54 billion RMB, which accounts for about 17.2% of total revenue, showing a year-on-year growth of 6.2% [1]. - The company has expanded its research team, now comprising 654 professionals, which is about 22.7% of the total workforce, an increase of approximately 13% year-on-year [1]. - The company has accelerated its digital transformation, with AI services reaching approximately 257,000 clients and cumulative services totaling 15.83 million times [1]. Financial Summary - The projected revenue for 2024 is estimated at 19.65 billion RMB, with a growth rate of 6% from the previous year [2]. - The forecasted net profit for 2024 is -4 million RMB, indicating a significant decline of 102% compared to the previous year [2]. - The earnings per share (EPS) for 2024 is projected to be -0.01 RMB, with a recovery expected in subsequent years [2]. - The company’s gross margin is expected to be 79.9% in 2024, slightly down from 83.61% in 2023 [5]. - The return on equity (ROE) is projected to be -0.28% in 2024, with a recovery to 6.47% by 2025 [5].

Financial Performance - Total order amount for the period was approximately RMB 930.5 million, a decrease of about 26.2% compared to RMB 1,260.4 million in the same period last year[1]. - Total revenue for the period was approximately RMB 898.1 million, an increase of about 4.4% compared to RMB 860.7 million in the same period last year[1]. - Loss attributable to shareholders for the period was approximately RMB 174.2 million, compared to a loss of RMB 37.8 million in the same period last year[1]. - The company reported an operating loss of RMB 215.5 million, compared to an operating loss of RMB 56.5 million in the same period last year, reflecting an increase of 281.4%[3]. - Adjusted loss for the period under non-HKFRS was RMB 153.3 million, compared to a profit of RMB 19.5 million in the same period last year, a decrease of 886.2%[3]. - The company reported a pre-tax loss of RMB 216,787 thousand for the six months ended June 30, 2024, compared to a pre-tax loss of RMB 57,483 thousand for the same period in 2023[21]. - The company reported a basic loss per share of RMB (0.40) for the six months ended June 30, 2024, compared to RMB (0.09) for the same period in 2023, reflecting a significant increase in losses[25]. - The company reported a loss of approximately RMB 174 million for the six months ended June 30, 2024, a significant increase of about 361% compared to a loss of RMB 38 million for the same period in 2023[76]. Research and Development - The R&D department had 654 professionals, accounting for approximately 22.7% of total employees, an increase of about 13.0% compared to the same period last year[1]. - R&D expenditure was approximately RMB 154 million, an increase of about 6.2%, representing about 17.2% of total revenue[1]. - R&D expenses rose to RMB 139,825 thousand, a slight increase from RMB 134,449 thousand in the same period last year[17]. - The company invested approximately RMB 154 million in R&D during the reporting period, an increase of 6.2% year-over-year, representing 17.2% of total revenue[55]. - The R&D team comprised 654 professionals, accounting for about 22.7% of total employees, an increase of approximately 13% year-over-year[55]. - The company conducted around 90 research activities on listed companies and produced over 1,000 analysis articles during the reporting period[56]. Employee and Operational Costs - Total employee costs increased to RMB 575,150 thousand, up 14.4% from RMB 502,891 thousand in the previous year[17]. - Employee costs for the six months ended June 30, 2024, amounted to RMB 103,437,000, representing 51.9% of total expenses, compared to RMB 99,179,000 or 50.4% for the same period in 2023[74]. - General and administrative expenses increased by 1.3% to approximately RMB 199 million, driven by higher employee costs and increased depreciation of right-of-use assets[73]. - Sales costs rose by approximately 23.6% to about RMB 180.3 million, primarily due to increased employee costs in content development[68]. Revenue Breakdown - Revenue from the flagship product, Jiufang Zhituo, was RMB 444,211 thousand, down 13.7% from RMB 514,749 thousand in the previous year[13]. - Revenue from the Jiufang Zhituo Qilong version increased significantly to RMB 449,512 thousand, up 30% from RMB 345,909 thousand in the prior year[13]. - Revenue increased by 4.4% from approximately RMB 860.7 million to approximately RMB 898.1 million for the six months ended June 30, 2024[65]. - Revenue from the flagship product series decreased by 13.7% to RMB 444.2 million, while revenue from the Dragon series increased by 30% to RMB 449.5 million, driven by an increase in paying users from approximately 15,000 to 22,000[66][67]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,096.5 million, down from RMB 1,514.8 million as of December 31, 2023[6]. - The company reported a total of RMB 868,683,000 in financial assets measured at fair value through profit or loss as of June 30, 2024, down from RMB 1,322,532,000 as of December 31, 2023[33]. - The total lease liabilities as of June 30, 2024, amounted to RMB 41,853,000, significantly higher than RMB 5,907,000 as of December 31, 2023[32]. - The group’s total liabilities for accrued expenses and other current liabilities increased to RMB 233,706,000 as of June 30, 2024, compared to RMB 168,584,000 as of December 31, 2023[45]. Strategic Initiatives - The company is applying for the "High-tech Enterprise" status for the years ending December 31, 2024, 2025, and 2026, which would allow it to enjoy a preferential income tax rate of 15% if approved[24]. - The company is advancing a "technology + investment research" dual-driven strategy to innovate and upgrade existing products[51]. - The company has engaged in digital cooperation with financial institutions and traditional media, providing customized intelligent solutions[54]. - The company aims to enhance its competitive edge and diversify revenue sources by expanding its product matrix to meet diverse customer needs[53]. - The company has adjusted its product strategy to transition its app from a tool-based approach to a platform model, enhancing user experience and service offerings[51]. Shareholder Actions - The board does not recommend the payment of an interim dividend[1]. - The company repurchased a total of 17,730,000 shares at a total cost of approximately RMB 181.5 million, which were all canceled on June 21, 2024[52]. - The interim dividend approved for the last fiscal year is RMB 89.958 million, translating to HKD 0.22 per share, down from HKD 0.50 per share in the previous year[48]. Market Position and Recognition - The company’s brand, "Jiufang Zhituo," was recognized as one of the "2024 Favorite Chinese Brands" at the China Brand Night event[58]. - The company aims to enhance competitiveness and solidify market leadership by integrating flagship products and expanding the small product line supported by data analysis and AI technology[64]. Capital Raising and Utilization - The company successfully raised approximately HKD 984.2 million (equivalent to approximately RMB 873.3 million) from its global offering and the partial exercise of the over-allotment option, issuing a total of 59,937,000 new shares at an issue price of HKD 17.00 per share[87]. - The allocation of the net proceeds includes 20% (approximately HKD 196.8 million) for enhancing content production capabilities, 30% (approximately HKD 295.3 million) for strengthening the traffic pool, and 30% (approximately HKD 295.3 million) for improving technical capabilities[88].

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Insights - The online investment decision-making solution market in China is entering a rapid growth phase, driven by the increase in personal investment assets and the expanding scale of investable financial assets. The demand for investment decision-making solutions continues to rise [2][11] - Despite a declining capital market environment in 2023, the company's revenue has maintained growth, with a significant increase in order growth outpacing revenue growth. The number of paying customers increased by 6.8%, and the average transaction value rose by 10.4% [2][17] - The company's business model is distinct from competitors, utilizing a media flow pool model for customer acquisition, achieving a market share of 13.8% in the securities investment advisory service market [2][17] Summary by Sections Company Overview - 九方财富 is the largest online high-end investment education service provider in China, focusing on providing investment decision support services to individual investors. The company has a market share of 13.8% in the securities investment advisory service sector [6][10] Business Model and Market Position - The flagship online high-end investment education service targets affluent individuals with at least 500,000 yuan in investable securities assets. The service includes online courses, live broadcasts, and personalized advisory services [9][10] - The company has successfully integrated a media flow pool ecosystem, attracting 38.9 million followers and achieving significant engagement metrics [6][17] Financial Analysis - In 2023, the company reported a revenue of 19.65 billion yuan, a year-on-year increase of 6.23%. The flagship service contributed 11.74 billion yuan, while the financial information software service generated 7.91 billion yuan [12][14] - The total order amount reached 23.48 billion yuan, reflecting a year-on-year growth of 17.9% [13][24] Future Outlook - The company is expected to exhibit high revenue elasticity during the market recovery phase, with projected revenues of 19.75 billion yuan and 21.61 billion yuan for 2024 and 2025, respectively [3][22] - The company plans to enhance its product matrix and explore new operational models, including collaborations with brokerage firms to meet diverse customer needs [21][22]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Viewpoints - The company is a leader in the online high-end investment education service market, primarily targeting affluent individuals with high-quality educational content and financial information software services. As of 2021, the company held an 11.2% market share in the online investor content service market, leading significantly in the high-end education segment with a 31.9% share [3][23]. - Despite market fluctuations, the company achieved steady revenue growth in 2023, with a 17.9% year-on-year increase in orders on hand, laying a solid foundation for future revenue growth. The projected net profits for 2024-2026 are estimated at 199 million, 212 million, and 236 million yuan, respectively, with corresponding EPS of 0.43, 0.45, and 0.51 yuan [3][38]. Summary by Sections 1. Company Overview - The company is recognized as a leader in the online high-end investment education service sector, established in 1996, and aims to assist individual investors in understanding financial markets and making informed investment decisions [12]. 2. Market Potential - The online investor content service market is expected to grow significantly, with projections indicating a market size of 346 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of 22.7% from 2021 to 2026. The high-end education market is anticipated to grow at an even faster rate of 29.2% during the same period [4][21][22]. 3. Business Model and Strategy - The company focuses on high-quality investment research content, which underpins its product offerings. It has established a dedicated research institute and has produced over 2,000 analysis articles and 100 professional courses [26]. - The company serves affluent individuals with assets between 1 million to 5 million yuan, offering personalized and professional services through its two main product lines: the high-end education service and financial information software [27]. - The company has a robust media presence with 374 MCN accounts and 38.9 million followers across various platforms, enhancing its user engagement and retention [31]. 4. Financial Performance - In 2023, the company reported revenues of 1.97 billion yuan, a 6.2% increase year-on-year, with a total order amount of 2.35 billion yuan, reflecting a 17.9% growth. The adjusted net profit was 319 million yuan, despite a reported decline due to increased share-based compensation [16][19]. 5. Future Outlook - The company is expected to continue its growth trajectory, with revenue projections for 2024-2026 showing increases of 5.4%, 6.2%, and 10.4%, respectively. The gross margin is anticipated to remain stable at around 83.7% [36][38].